MERRIMACK, N.H., April 30, 2014 (GLOBE NEWSWIRE) -- GT Advanced Technologies (Nasdaq:GTAT) today announced several new initiatives aimed at expanding its portfolio of sapphire and silicon carbide (SiC) solutions for next generation consumer and industrial products. The company has entered into a memorandum of understanding ("MOU") with European-based EV Group ("EVG"), a global leader in specialty bonding and material handling equipment, to work together in various collaborative arrangements including jointly developing high volume production processes and equipment necessary to bond the ultra-thin sapphire and SiC lamina, produced by GT's Hyperion™ technology, to engineered substrates such as glass, silicon, and plastics.
Additionally, GT announced it will begin working with a leading glass substrate producer to develop specially engineered substrate materials that can be bonded to ultra-thin sapphire lamina to create unique composite solutions that expand the reach of sapphire into a broader set of applications.
The company also announced that it has acquired patent-pending technology for producing low-cost, scratch-resistant aluminum oxide coatings for various substrates including glass and plastics. These coatings are expected to provide some of the durability and scratch-resistant properties of crystalline sapphire at a lower price point to address market opportunities where cost is paramount and not all of the properties of sapphire are required.
GT's business model will be focused on selling the bonding and coating equipment developed through these initiatives.
"Our sapphire composite material development program is focused on leveraging the combined expertise of GT and our technology partners in order to build a new market for low-cost and highly-durable substrate solutions for next generation consumer and industrial products," said Tom Gutierrez, GT's president and CEO. "These programs enhance our technology portfolio and leverage our significant investment in our Hyperion technology."
About EV Group (EVG)
EV Group (EVG) is a leading supplier of equipment and process solutions for the manufacture of semiconductors, microelectromechanical systems (MEMS), compound semiconductors, power devices, and nanotechnology devices. Key products include wafer bonding, thin-wafer processing, lithography/nanoimprint lithography (NIL) and metrology equipment, as well as photoresist coaters, cleaners and inspection systems. Founded in 1980, EV Group services and supports an elaborate network of global customers and partners all over the world. More information about EVG is available at www.EVGroup.com.
About GT Advanced Technologies Inc.
GT Advanced Technologies Inc. is a leading diversified technology company producing advanced materials and innovative crystal growth equipment for the global consumer electronics, power electronics, solar and LED industries. Its technical innovations accelerate the use of advanced materials, enabling a new generation of products across this diversified set of global markets. For additional information about GT Advanced Technologies, please visit www.gtat.com.
Forward-Looking Statements
Certain of the information in this press release relates to the Company's future expectations, plans, products and prospects for its business and industry that constitute "forward-looking statements" for the purposes of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to: the new initiatives will expand the Company's portfolio of sapphire and silicon carbide (SiC) solutions for next generation consumer and industrial products; the Company and EVG will work together in collaborative arrangements including jointly developing high volume production processes and equipment necessary to bond the ultra-thin sapphire and SiC lamina, produced by GT's Hyperion™ technology, to engineered substrates such as glass, silicon, and plastics; Company's work with a leading glass substrate producer will create unique composite solutions that expand the reach of sapphire into a broader set of applications; the Company's patent-pending technology for producing low-cost, scratch-resistant aluminum oxide coatings for various substrates including glass and plastics are expected to provide some of the durability and scratch-resistant properties of crystalline sapphire at a lower price point to address certain market opportunities; the Company's business model will focus on selling the bonding and coating equipment developed through these identified initiatives; the Company's sapphire composite material development program may build a new market for low-cost and highly-durable substrate solutions for next generation consumer and industrial products; the identified initiatives enhance the Company's technology portfolio; the Company's ability to recognize any benefits or any revenue from these initiatives. These forward-looking statements are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside the Company's control, which could cause actual events to differ materially from those expressed or implied by the statements. Factors that may cause actual events to differ materially from those expressed or implied by our forward-looking statements include: the Company being able to commercialize its technology under development or contemplated to be developed under any initiatives; the equipment or technology being sold by the Company is accepted by the market; the Company's products perform as expected; the Company's and any collaborator's ability to complete development of and commercialize any new products; the impact of continued decreased demand and/or excess capacity in the markets for the output of the Company's equipment; general economic conditions and the tightening credit markets having an adverse impact on demand for the Company's products; limited sales of PV and other equipment products; the possibility that changes in government incentives may reduce demand for polysilicon and solar products, which would, in turn, reduce demand for our equipment; technological changes could render existing or proposed products or technologies obsolete; the Company may be unable to protect its intellectual property rights; competition from other manufacturers may increase; exchange rate fluctuations and conditions in the credit markets and economy may reduce demand for the Company's products and various other risks as outlined in GT Advanced Technologies Inc.'s filings with the Securities and Exchange Commission, including the statements under the heading "Risk Factors" in the Company's annual report on Form 10-K for the fiscal year ended December 31, 2013. Statements in this press release should be evaluated in light of these important factors. The statements in this press release represent GT Advanced Technologies Inc.'s expectations and beliefs as of the date of this press release. GT Advanced Technologies Inc. anticipates that subsequent events and developments may cause these expectations and beliefs to change. GT Advanced Technologies Inc. is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.